Orange County NC Website
Browse       Search
5 <br /> Sanford IIolshouser <br /> Bond Election memo for Orange County <br /> Page 3 <br /> 8. Prepare statement of debt and statement of estimated interest. <br /> The debt statement sets out details of the County's outstanding debt. This <br /> document will be similar, not quite identical, to a debt statement that appears in the <br /> LGC application. The statement of estimated interest states the County's good- <br /> faith, non-binding calculation of the total amount of interest to be paid on the <br /> bonds, if issued, over the term of the bonds. These statements will be prepared as <br /> we are preparing the LGC application and the Bond Order documents. Information <br /> from these statements will be included in some of the public notices related to the <br /> bond referendum. <br /> 9. File LGC Application. As stated above, this cannot happen until <br /> at least 10 days have elapsed since the publication of the notice of intent. The <br /> application needs to be filed and formally accepted by the LGC before we have the <br /> County Board take its next steps as described in Step 10. <br /> Although we have to submit the LGC application as part of the referendum <br /> process, it is not necessary to receive LGC approval until we are ready to proceed <br /> with the actual sale of bonds, which of course will he after the referendum. The <br /> LGC may or may not act on the application prior to the referendum, although the <br /> current LGC practice is in fact to consider applications as they are received <br /> (instead of waiting for the time of a bond issuance). <br /> 10. Introduce Bond Orders; Set public hearing. After the County <br /> files its application, the Board needs to introduce the "Bond Orders" and set a date <br /> for the required public hearing. We can take these actions at any time after the <br /> LGC accepts the application (even the same day). Our schedule shows these steps <br /> occurring at a Board meeting in May. <br /> The "Bond Order" is the basic authorization for bonds approved by the <br /> County Board. The statutes provide for the format and most of the text of a bond <br /> order; the bond order is a short, general statement of the Board's determination to <br /> proceed. Each of the separate generic purposes for which bonds are to he <br /> proposed will he the subject of a separate bond order: The details of an actual bond <br /> issue are further approved by the Board at the time of a bond issue. <br /> 11. Publish Notice of Public Hearing. We need to publish notice of <br /> the required public hearing at least six days prior to the hearing. <br /> 3 <br />